Valley National Bank Lends $71M on Forest Hills Condos Build

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Rybak Development has secured $71 million of construction financing to build a new condominium development in Forest Hills, Queens, Commercial Observer can first report.

Valley National Bank supplied the loan for the developer’s planned 98-unit The Austin project at 78-29 Austin Street. The seven-story building is slated for completion in the fourth quarter of 2024. 

SEE ALSO: Slate Property Group, LibreMax Capital Lend $60M on Astoria Condo Tower

JLL (JLL) Capital Markets arranged the transaction with a team led by Robert Tonnessen and Aaron Niedermayer

“We saw a significant amount of liquidity and interest from the capital markets community — lenders will differentiate themselves for top-tier sponsors and exceptional projects,” Tonnessen said in a statement.  

The Austin building will feature one- to four-bedroom condo units and three-bedroom duplex townhomes. Its amenities will include a swimming pool, rooftop garden, indoor basketball court, pickleball court, fitness center and children’s playroom. It will be one block from the Kew Gardens – Union Turnpike subway station.

Officials at RYBAK did not immediately return a request for comment. Valley National Bank declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com